Condo rental prices soar to record highs in Toronto

Condo rentals don't come cheap in Toronto, and according to a new report from Urbanation, rental rates are reaching new highs.

Average rent levels in Toronto reached $2,073 between April and June, up 10.7 percent since this time last year. Urbanation says this is the first time that number's blown past the $2,000 mark.

Between the first and second financial quarters of 2017, rental rates increased by 5.1 percent. Urbanation notes this is the strongest quarterly gain it has ever recorded. As CBC notes, it started keeping track of this data back in 2011.

The number of condos - 8,328 - leased through MLS also reached a record high in the second quarter of this year - the previous record was 8,202 in the second quarter of 2015. This, Urbanation says, could be the result of the number of listings rising 8 percent year-over-year.

The provincial government announced its Fair Housing Plan in April, which brings rent control to all buildings in Toronto, not just those built before 1991.

Rental prices might be up for now after these measures were introduced, but it's unclear what impact the plan will have in the long run.